BEIRUT // With her long blonde hair and immaculate make up, Zeina Kay is not going to let the violence spilling from Syria into Lebanon get in the way of her party lifestyle.
On a recent weekend in one of Beirut’s packed rooftop clubs, she danced carelessly with a large group of friends, dismissing one suitor after another as they tried to cosy up.
“If there is a bombing or something, I just stay closer to the house,” says Ms Kay, 32. “The people who party, are the people who party. Those who can afford it will continue to do so.”
Lebanon may be wracked by the war in Syria but the country’s famous nightlife shows little sign of easing up.
Ms Kay is a typical patron at the Stereo Kitchen nightclub. She works hard during the week for a construction company, goes out every weekend and money does not appear to be an object.
The increasing levels of violence, an influx of more than 1.1 million refugees and a burgeoning economic crisis, have failed to dampen this city’s reputation as the Middle East’s party capital.
That Beirut will keep on partying, no matter how bad the situation, is a cliché promoted by the Lebanese themselves.
Affluent Beirutis frame their partying as a form of resilience, even as a pillar of their Lebanese identity, says Nicolien Kegels an anthropologist based in Cairo. “The image they propagate is that you don’t let your life be interrupted by things like politics or conflict. A real Lebanese keeps on living.”
The narrative of resilience through partying first started during the country’s 15-year civil war. Lebanese like Naji Gebran saw music as a form of therapy, and started underground parties. His BO18 club, the post war reincarnation built on a former mass grave, still has people queuing up outside decades later.
Many of those who continue to spend money in the hundreds of nightclubs and bars believe that the inflammatory situation fuels the nightlife.
“It’s difficult to think about throwing a party when people die in the morning,” said Yousef Harati, a nightlife veteran in the city who started the club Behind the Green Door six years ago. “Sadly, usually those are the best parties. The people that are there, really want to be there.”
That is exactly the kind of talk that has many locals rolling their eyes. The lifestyle of this monied elite is out of reach for most Lebanese, and strictly limited to the capital, says Marina Chamma, a blogger at eyeontheeast.org.
“All of this talk of US$3,000-4,000 bottles of champagne, it happens of course, but they are for a very small percentage of the population and an even smaller percentage of people that visit Beirut. It’s very limited,” she says.
Yet Beirut’s nightlife has grown into a scene that caters to a far more diverse crowd. Bars open every week in the buzzing neighbourhood of Mar Mikhael where artists and students are as likely to be found as real estate tycoons.
Since Lebanon’s smoking ban started in September 2012, people have been forced from the bars onto the pavement, turning the neighbourhood – formerly known for its garages – into one big open air cafe.
Lebanon’s capital has carefully crafted an image of itself as a non-stop party destination. Skybar is one of the establishments that fuelled that reputation, with foreigners flocking to the venue where they would be entranced by leggy Lebanese girls dancing on the bar in mini skirts.
But Lebanese are not partying quite as hard as they think they are. Abraham Helal, marketing manager at Sky Management, says his group, which owns the club, is definitely feeling the pinch from the rising tension.
“Skybar only opened 3 nights a week last summer, while back in 2011, when things were good, we would be full every night,” he says. The clientele is also different; less Lebanese coming home for the holidays and tourists, more locals.
The group aims to keep pushing Lebanon as a destination, investing $10 million in another club o1ne and flying in DJs from Europe every Friday, despite the security situation. “Beirut is a showcase for the region,” Mr Helal says. So far it appears to be paying off, with the o1ne club packing 2,000 people on a recent Saturday night, many ordering buckets of champagne, which naturally come with sparklers.
Regulars call the club a stress valve. “We have to have fun to get away from all the stress and political turmoil,” says Pedro Natahan, 33, seated at his regular table beside the club’s main feature: a giant catwalk where doe-eyed women sway their hips.
Even burning tyres, a common form of protest in Beirut, are no obstacle for Lebanon’s diehard party spirit.
When Ms Kay encountered such a roadblock recently, she was unfazed. “We told them, can you move the tyres because we have to go party?” she says. “And they did.”
foreign.desk@thenational.ae
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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Company%20Profile
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COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
The view from The National
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Pathaan
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